Budget 2022 ITR Correction: Big relief for Income Tax payers seeking to correct omissions in I-T return filing

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Budget 2022 Income Tax, ITR Filing: It’s a relief for Income Tax payers seeking to correct omissions in ITR filing. 

Budget 2022 Income Tax, ITR Filing: It’s a relief for Income Tax payers seeking to correct omissions in ITR filing. Finance Minister Nirmala Sitharaman on Tuesday said the government will provide a one-time window to correct omissions in income tax returns (ITRs) filed. 

Read More:Union Budget 2022: Tax deduction limit on employer’s contribution to NPS a/c of State govt employees hiked from 10% to 14%

The minister also said that the government proposes to reduce Minimum Alternative Tax (MAT) to 15 per cent for co-operative societies, at par with corporates.

Further, she informed that the fiscal deficit in 2021-22 will be 6.9 per cent of GDP and 6.4 per cent in 2022-23.

Total expenditure in FY’23 is estimated at Rs 39.45 lakh crore; while total resources mobilisation would be Rs 22.84 lakh crore other than borrowings, Sitharaman said.

“The government vows a stable and predictable tax regime,” she said.